Carney Confirms Rate Hike Is Near as BOE Heads for ‘Tipping Point’
- Policy makers speak as inflation climbs to 5 1/2-year high
- Officials see economic slack eroded, though not all agree
Pedestrians walk past the Bank of England (BOE) in the City of London, U.K., on Thursday, July 14, 2016.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
Mark Carney reaffirmed that the Bank of England is close to its first interest-rate increase in over a decade, as inflation hit 3 percent and one of his colleagues said the economy is approaching a “tipping point.”
In a series of testimonies to lawmakers, the BOE governor and the two newest members of the rate-setting Monetary Policy Committee signaled that the erosion of economic slack is dominating their thinking as they prepare for a Nov. 2 decision. The appearances coincided with a report showing consumer prices rising at the fastest pace since April 2012.